BRITISH BUDGET

Hokitika Guardian, 30 April 1931, Page 6

BRITISH BUDGET

GENERAL APPROVAL.

f United Press Association —By Electric Telegraph.—Copyright.)

LONDON, April 28

In the Commons, the debate on the Budget, which will last several days, was opened by Air Neville Chamberlain, who recently succeeded Mi Winston Churchill, as Chairman ot the Conservative Finance Committee. His main criticisms of the Budget were that, the Chancellor’s estimates were too optimistic, that he omitted to reiei to the Treasury liability in respect to the unemployment insurance fund, oi indicate the socrifices which he recently declared, must be made by all, and the proposal did nothing to stimulate trade, or give confidence to industry. Tinmain feeling inspired by the Budget was relief.

Sir Donald Mac Lean, (Liberal) said that on free trade, economy and taxation of land values, they heartily supported the Chancellor, and approved oi his proposals as emergency ones. The “Daily Herald’’ commends Mr Snowden’s budget, stating the adjustments made are wise, as the end o> the worst part of the trade depression is in sight. It says the introduction of a land values tax makes this budget a landmark in British financial history. Other city editors describe the budget as being much less unsettling than was at first feared. Brewery and tobacco shares are now bouyant, and oil shares June recovered as the impost on petrol is less than was expected. Tile principal eJfect on Monday’s Stock market of last night’s Budget statement lias been a good demand lor British Government’s stocks, which showed sharp appreciation. There was also a rise in the sterling and dollar exchanges, on the proposed withdrawal from the exchange reserve fund. At the invitation of the Prime Minister, the Liberal leaders, Air Lloyd George and Sir Herbert Samuel, together with Sir J. Sinclair, visited Downing Street, and discussed various matters assumed to be related mainly with the Budget proposals, with the Prime Minister, Air Henderson and Mr Thomas: “It is understood that the Liberal Party particularly welcome the Government’s proposal for a, tax on land values, although it will not come into operation until the subsequent financial year fund. A statement on tho project will he made hi the Commons on Monday by the Chancellor (Mr Snowden.) LABOUR-LIBERAL PACT. LONDON, April 29. Political circles are convinced that a firm understanding has been reached between Mr Lloyd George (Liberal Leader) and tho Labourites in regard to the Land Bill, and they argue that this may prolong the life of the Government.

“The Times” is of the opinion thal the Budget "marks the failure of free trade finance, and that it makes a tariff imperative.